KBRA Assigns BBB- Rating to MSC Income Fund's Notes
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 13 2026
0mins
Should l Buy MAIN?
Source: Newsfilter
- Rating Overview: KBRA has assigned a BBB- rating with a Stable outlook to MSC Income Fund, Inc.'s $150 million, 6.34% senior unsecured notes due 2029, indicating a solid financial position that may attract investors.
- Portfolio Diversity: As of Q4 2025, MSC's investment portfolio totals $1.3 billion across 150 portfolio companies, with 77% in senior secured first lien loans, demonstrating robust diversification across multiple industries.
- Leverage Ratio Analysis: MSC's leverage ratio stands at 0.82x, lower than peers, although an increase is expected; management targets a ratio of 1.15-1.25x, reflecting a balanced strategy between asset growth and equity capital growth.
- Liquidity Position: As of Q4 2025, MSC maintains $92 million in available credit lines and $20.6 million in cash, sufficient to cover $128.9 million in unfunded loan commitments and upcoming $150 million unsecured debt maturities, showcasing strong liquidity management capabilities.
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Analyst Views on MAIN
Wall Street analysts forecast MAIN stock price to rise
5 Analyst Rating
2 Buy
3 Hold
0 Sell
Moderate Buy
Current: 51.530
Low
60.00
Averages
65.33
High
70.00
Current: 51.530
Low
60.00
Averages
65.33
High
70.00
About MAIN
Main Street Capital Corporation is a principal investment company that primarily provides customized long-term debt and equity capital solutions to lower middle market (LMM) companies and debt capital to private companies owned by or in the process of being acquired by a private equity fund. Its portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in a variety of industry sectors. The Company invests primarily in secured debt investments, equity investments, warrants and other securities of LMM companies based in the United States and in secured debt investments of private loan companies generally headquartered in the United States. It owns several investment funds, including Main Street Mezzanine Fund, LP and Main Street Capital III, LP, (the Funds), and each of their general partners. MSC Adviser I, LLC, serves as an investment adviser.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Diverse Use of Proceeds: The net proceeds from this offering will be utilized to repay existing debt, invest in marketable securities, cover operating expenses, and fulfill other cash obligations, demonstrating the company's strategic flexibility in capital management.
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